Wyoming has been at the forefront of America’s blockchain revolution for quite some time, and now it’s passed two fresh crypto-friendly bills to put it even further ahead of rival states. Bill 62 defines blockchain tokens (cryptocurrencies) as personal property and Bill 57 will facilitate the creation, development, and growth of a sandbox to encourage the growth of fintech firms using blockchain technology. These two new bills have catapulted Wyoming to the top of the list for all crypto-related firms looking for a new location to call home in the United States.
Say Hello to America’s Newest Sandbox
Bill 57 is really the foundation Wyoming needs to become the blockchain capital of America, as it serves a powerful purpose. Companies setting up in the sandbox will be able to skirt around a number of legislations that are known to be a hindrance and suppressive to new technologies such as blockchain. This isn’t too much of a problem, as the sandbox allows this to happen in a controlled way, as all activities will be heavily supervised by the state. When you’re looking to get your feet wet in the blockchain industry, a sandbox is definitely the way to go about attracting new businesses to the area.
Cryptocurrencies as Personal Property
Bill 62 outlines that all blockchain tokens owned by an individual are now legally seen as personal property. This is due to the fact that they have consumable properties, meaning they are intangible personal property. Essentially, this bill declared that blockchain tokens are not securities, due to the fact that a holder does not receive dividends, cannot receive cash payments, or cannot receive a share of profits, but instead can receive a fixed amount of consumable service. This is great news for the wider crypto industry and could reshape the way the US Securities and Exchange Commission (SEC) views a Bitcoin ETF.
Land Registry Already Using Blockchain
Wyoming has been playing with blockchain technology for quite some time now. In fact, in December 2018 Teton County announced that it was using blockchain technology for its land registry. All records from 1996 onwards will be migrated to the new blockchain ecosystem to help speed up processes when it comes to transferring land between parties. This new blockchain platform will keep track of outstanding mortgages on land, liens, and land transactions in a bid to keep the Teton County land in the rightful hands of its true owners.
Wyoming is a Proven Forward Thinker
Back in 1869, Wyoming was the first state in America to give women the right to vote – something that was seen as highly controversial at the time. Fast forward 150 years, Wyoming is once again pushing the boundaries of the norm to pioneer a new wave of legislature change across the globe. Countries like Gibraltar and Malta have already introduced similar crypto friendly bills, meaning that Wyoming is definitely onto something once more.
These two bills are huge for America, and highlight the impact the blockchain caucus is having on local legislature. If these two bills prove to be successful for the state, others could quickly follow suit – leading to an America that fully embraces blockchain and cryptocurrencies.